In the past, people had to pay a fee called King’s silver when they wanted to sell or transfer their land. This fee was paid to the Court of Common Pleas and was determined based on the value of the land. The fee amounted to three-twentieths of the supposed annual value of the land or ten shillings for every five marks of land. Another term for this fee was post-fine.
King’s silver, also known as post-fine, was a historical term referring to the money paid in the Court of Common Pleas for a licence to levy a feudal fine or grant a congé d’accorder in levying a fine of lands. This payment equated to three-twentieths of the supposed annual value of the land, or ten shillings for every five marks of land. To illustrate, if someone wished to sell their land, they were required to pay the King’s silver to the Court of Common Pleas for a licence. The amount owed was a significant financial burden, as it was based on the supposed annual value of the land.
King’s Silver is a legal term used to refer to a type of property ownership where the property is jointly owned by a husband and wife. It is also known as tenancy by the entirety.
Unlike other forms of property ownership, such as tenancy in common or joint tenancy, King’s Silver is only available to married couples. It provides certain legal protections and benefits to both spouses.
One of the main advantages of King’s Silver is that it offers protection against creditors. If one spouse incurs a debt, the property held under King’s Silver cannot be seized by creditors to satisfy that debt.
No, both spouses must consent to the sale of a property held under King’s Silver. This ensures that both parties have an equal say in any decisions regarding the property.
Generally, a property held under King’s Silver cannot be transferred to someone else without the consent of both spouses. This is to protect the rights and interests of both parties involved.
In the event of a divorce, the property held under King’s Silver will be subject to division according to the laws of the jurisdiction. The court will determine how the property should be divided between the spouses.
Yes, a property held under King’s Silver can be used as collateral for a loan. However, both spouses must consent to the use of the property as collateral.
No, one spouse cannot sell their share of a property held under King’s Silver without the other spouse’s consent. Both spouses have equal ownership rights and must agree on any transactions involving the property.
No, a property held under King’s Silver cannot be inherited by someone other than the spouse. Upon the death of one spouse, the surviving spouse automatically becomes the sole owner of the property.
Yes, a property held under King’s Silver can be converted to another form of property ownership, such as tenancy in common or joint tenancy, with the consent of both spouses. This can be done through a legal process known as severance.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 30th April 2024.
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